Abstract

http://ssrn.com/abstract=2040655
 
 

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Group Decisions Under Ambiguity: Convergence to Neutrality


Steffen Keck


University of Vienna

Enrico Diecidue


INSEAD – Decision Sciences

David V. Budescu


Fordham University - Fordham College at Rose Hill

April 16, 2012

INSEAD Working Paper No. 2012/43/DS

Abstract:     
This paper focuses on decisions under ambiguity. Participants in a laboratory experiment made decisions in three different settings: (a) individually, (b) individually after discussing the decisions with others, and (c) in groups of three. We show that groups are more likely to make ambiguity-neutral decisions than individuals, and that individuals make more ambiguity-neutral decisions after discussing the decisions with others. This shift towards higher ambiguity neutrality in groups and after a group discussion is associated with a reduction in the rates of both ambiguity aversion and ambiguity seeking. We attribute the results to the effective and persuasive communication that takes place in groups.

Number of Pages in PDF File: 38

Keywords: ambiguity, group decision making, imprecision, risk, vagueness

JEL Classification: C92, D71, D81


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Date posted: April 16, 2012  

Suggested Citation

Keck, Steffen and Diecidue, Enrico and Budescu, David V., Group Decisions Under Ambiguity: Convergence to Neutrality (April 16, 2012). INSEAD Working Paper No. 2012/43/DS. Available at SSRN: http://ssrn.com/abstract=2040655 or http://dx.doi.org/10.2139/ssrn.2040655

Contact Information

Steffen Keck
University of Vienna ( email )
Oskar Morgenstern Platz
1
Vienna, 1090
Austria

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Enrico Diecidue (Contact Author)
INSEAD – Decision Sciences ( email )
France

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David V. Budescu
Fordham University - Fordham College at Rose Hill ( email )
United States
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